Lobby group says emissions cap could cost oil and gas sector $75B in lost investment

CALGARY — A new report commissioned by an industry lobby group on the federal government's proposed emissions cap stirred up strong reactions from both oil and gas supporters and environmental groups on Monday.

The commissioned report concludes that if oil and gas drillers were required to cut greenhouse gas emissions by 40 per cent by 2030, industry could see $75 billion less in capital investment over the course of the next nine years compared with current policy conditions. On Monday, CAPP president Lisa Baiton said the new report is proof that a federally mandated emissions cap"should not proceed."

The government has said the design of the emissions cap will take into account other regulations, such as Canada's commitment to reduce oil and gas methane emissions by at least 75 per cent by 2030, as well as complementary climate policies by federal and provincial governments. “CAPP has commissioned an analysis of a non-existent scenario. Everything in it flows from false assumptions that make it so deeply flawed, it amounts to disinformation," said Oliver Anderson, spokesman for Environment Minister Steven Guilbeault, in an email.

The Pembina Institute added that when it comes to methane, which is where the bulk of conventional drillers' emissions come from, significant reductions can be made using already existing, cost-effective technologies.

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